HK Stock Market Move | MMG (01208) rose nearly 5% before the results are announced. Today after market close, the core mine Las Bambas production exceeded annual guidance.

MMG (01208) pre-performance rose nearly 5%, as of the time of writing, it had risen by 4.44% to HKD 2.35 with a trading volume of HKD 1.07 billion. On the news front, MMG previously announced that it plans to hold a board meeting on March 4 to approve the annual performance. The company had previously released a production report, with the total copper output in the fourth quarter of 2024 being 127,000 tons, a year-on-year increase of 38.9% and a quarter-on-quarter increase of 10.8%; the total copper output for 2024 was 399,800 tons, a year-on-year increase of 15.1%. It is reported that the reason for the increase in copper production is that Las Bambas' output exceeded the annual guidance, and all other mines also achieved their annual targets. Guosen pointed out that MMG's core mine Las Bambas copper mine has had unstable production since 2019 due to community relations issues, affecting the company's profitability. The current community problems have been largely resolved, and production is expected to recover to an annualized output of 400,000 tons in the second half of 2024, with a quarter-on-quarter decrease in C1 cost of $1000/ton, significantly improving profitability. In addition, the company has taken various measures to reduce interest-bearing debt, decrease financial expenses, and increase copper production to over 600,000 tons within 5 years.